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  Question 1.4     Consumers are:   (1)

QUESTION 4: DEBTORS RECONCILIATION, AGE ANALYSIS AND VAT (43 marks; 26 minutes) 4.1 Choose the correct answer from the words provided within brackets. Write only the answer, next to each number (4.1.1 – 4.1.3) in the ANSWER BOOK.     4.1.1 A (debit/credit) balance on the bank account indicates a positive balance.     4.1.2 A (debit note/credit note) is the source document for goods returned to a creditor.     4.1.3 A (cash discount/discount allowed) is offered when accounts are settled within a certain time. (3) 4.2 DEBTORS RECONCILIATION AND AGE ANALYSIS     Stonehaven Traders, owned by Manie McDonald, sells products for cash and on credit. Their credit terms are 30 days, but they are budgeting that 80% of their debtors will adhere to the credit terms.     REQUIRED:     4.2.1 Briefly explain why the balance of the debtors control account should correspond with the total of the list of debtors. (4)   4.2.2 Calculate the correct closing balance of the debtors control account on 30 June 2020. (6)   4.2.3 Prepare a correct list of debtors of Stonehaven Traders on 30 June 2020.  Show all calculations. (14)   4.2.4 Study information A and C below then answer the following questions:       ·   Stonehaven Traders don’t have effective control over their Debtors. Quote two figures to motivate this statement. (4)     ·     State TWO actions that Stonehaven Traders could take in order to encourage debtors to settle their accounts according to the credit terms. (4)   INFORMATION:     A. Debtors age analysis schedule for June 2020:   TOTAL CURRENT 30 DAYS 60 DAYS 90 DAYS R177 100 R33 700 R26 300 R72 600 R44 500

  INFORMATION:     The following financial indicators were calculated on 30 April 2020:       2020 2019 Current ratio 2,5 : 1 2,1 : 1 Acid-test ratio 1,3 : 1 1,4 : 1 Debtors’ collection period 27 days 35 days Creditors’ payment period 44 days 57 days Debt-Equity ratio 0,3 : 1 0,5 : 1 Return on total capital employed 12% 14% Return on average shareholders’ equity 13,5% 14,5% Earnings per share 200 cents 160 cents Dividends per share 180 cents 40 cents Net asset value per share 770 cents 760 cents Market price per share (JSE) 960 cents 800 cents Repurchase price per share 800 cents 0 cent Interest rate on loan 14% 13%         [36]

QUESTION 6:  MANUFACTURING (43 marks; 26 minutes) MANDY MANUFACTURERS The business manufacturer’s security gates. The financial year ended 28 February 2021. REQUIRED:   6.1 Calculate the following for the year ended 28 February 2021:     6.1.1 Direct Material Cost (6)   6.1.2 Direct Labour Cost (7) 6.2 Prepare the Factory Overhead Cost Note (15) INFORMATION:   A. Stock balances       28 February 2021 1 March 2020 Raw material stock R640 000 R560 000 Work-in-process stock 450 000 660 000 Factory Indirect material 24 000 14 800     B. Summary of transactions:     Raw material purchased R2 230 000 Raw materials returned to suppliers 42 000 Carriage on raw materials 25 000 Factory indirect materials purchased 70 200 Water and electricity 70 000 Factory sundry expenses 110 500 Factory repairs and maintenance 36 500 Rent expenses paid 60 000 Insurance ? Commission to sales staff 37 000

QUESTION 1: FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS (59 marks; 34 minutes) You are provided with information for Daddabuy Limited for the financial year ended 28 February 2021.   REQUIRED:   1.1 Complete the Income Statement for the year ended 28 February 2021. (47) 1.2 Complete the Note for Retained Income Note. (12) INFORMATION:   EXTRACT FROM THE PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2021   Balance Sheet Accounts Section Debit Credit Ordinary share capital   7 200 000 Retained income (1 March 2020)   455 600 Loan: Bulls Bank   ? Trading stock 1 905 000   Creditors’ control   974 600 SARS (Income tax) 523 600   Provision for bad debts   42 800 Fixed deposit: Monkey Bank (7%) 600 000   Nominal Accounts Section     Sales   ? Cost of sales 14 800 000   Rent income   252 000 Interest on fixed deposit   21 000 Directors’ fees 1 525 000   Salaries and wages 865 350   Bad debts 22 500   Audit fees 160 000   Advertising 555 000   Consumable stores 72 600   Depreciation ?   Depreciation Equipment 29 800   Depreciation Vehicles ?   Sundry expenses 647 051   Ordinary share dividends 480 000  

B. EXTRACT FROM BALANCE SHEET AT 30 JUNE 2020     2020 2019   ASSETS       Non-current assets  4 538 400 3 370 000    Fixed assets 5 338 400 3 750 000    Financial assets 200 000 750 000   Current assets 1 760 000      Inventories 440 000      Trade and other receivables        SARS (Income tax) 36 000 0    Cash and cash equivalents 125 000 30 000   TOTAL ASSETS    

G. The loan statement received from Bulls Bank on 28 February 2021 indicated the following:       R Balance at beginning of financial year 2 460 000 Repayments during financial year 850 000 Interest capitalised ? Balance at end of financial year 1 850 000   H. Income tax for the financial year was calculated at 28% of the net profit before tax.   I. Shares and dividends:     ·       800 000 ordinary shares were in issue on 1 March 2020. ·       Interim dividends were declared and paid on 1 September 2020. ·       The directors decided to repurchase 5% of the shares in issue on 26 February 2021. These shares were repurchased at R11,20 per share. No entries have been made for this transaction. All shares qualified for the final dividend. ·      The final dividend per share recommended by the directors on 28 February 2021 was 44 cents per share.   [59]

  Question 1.5     This type of animal gets its energy from eating only plants.  (1) 

  Question 1.4     Consumers are:   (1)

AFDELING B – ONTWERP IN ‘N HISTORIESE KONTEKS Vraag 5 – De Stijl   Verwys na Figuur 5 en beantwoord die vraag wat volg. Ontleed die ontwerp, maak seker dat u die werklike ontwerp bespreek en nie die foto per se nie.     Regskliek op die knoppie hieronder om die figuur in ‘n nuwe TAB oop te maak:       Figuur 5   5.1 Groot ontwerp gaan oor besonderhede. Met innoverende materiaal seleksie, sinvolle konstruksie tegnieke en moderne estetika kan ‘n mens ‘n unieke ontwerp taal wat ‘n nuwe standaard stel. – James Roi     Verwys na die stelling  hierbo sowel as Figuur 5 en bespreek die De Stijl-beweging  volgens die volgende riglyne:   • Noem die  ontwerper en  die  werk van Figuur 5. • Bespreek TWEE invloede. • Identifiseer en bespreek VIER eienskappe.   Jou bespreking moet 150 – 200 woorde lank wees. (10)